In a recent interview with Bloomberg, President Loretta J. Mester reflected on her tenure and the evolution of the Federal Reserve's communication strategies. Having attended over 200 policy meetings, first as a staffer and later as a policymaker since 2014, Mester emphasized the importance of clear communication in informing the public, policymakers, and researchers about economic conditions.
"We produce indicators and datasets to inform the public, policymakers, and researchers about economic conditions, including inflation, employment, and risks to the financial system," she stated. Mester highlighted that their research plays a critical role in examining issues significant to local communities, the nation, and globally.
The Fourth Federal Reserve District encompasses Ohio and parts of Pennsylvania, West Virginia, and Kentucky. According to Mester, "These resources are useful for our region, the communities we serve, and communities across the United States." She also underscored efforts to educate on economic basics and inflation through various resources.
Mester discussed how supervising financial institutions supports American consumers' financial security while maintaining stability in payment systems for the US Treasury. "We serve the American people as part of the US central bank," she remarked. "We support the US economy and our region by studying economic conditions and issues that impact our communities."
Reflecting on her time at the Fed just before her retirement, Mester noted significant changes in how it communicates with the public but believes there is room for improvement: "The Federal Reserve has transformed how it communicates with the public in recent decades...the Fed can do better still."
